However, we are still early in this broader bull cycle, so any dips should be viewed as buying opportunities rather than triggers to sell spot holdings. If BTC continues to do well, the rest can also continue to do well. 

But remember, a flush-out is possible, but we're in an overall bull market, so don't let that shake you out (assuming a flush-out does come). 

Let's go!!!

TLDR

• Bitcoin is looking particularly overheated mechanically, with funding rates nearly ten times higher than healthy levels.
•  Ethereum's setup is similar, with the ideal re-accumulation zone around $2,700-2,800 if a deeper retracement occurs.
• Solana has lagged behind the leaders recently but may be gearing up to lead the next leg higher, especially if it can decisively clear the $131 resistance. 
• RUNE remains in the uptrend, but it must break out over key levels to initiate the next explosive move higher.
• If POPCAT can establish support between  $0.08 and $0.12, it could be a launching pad for the cat to continue popping.

---

BTC

• Funding Rates are extraordinarily high here, with BTC's close to 0.09%. This is monstrous, almost ten times more than what a healthy market Funding Rate looks like. Longs are heavily positioned and over-levered here.
• Open Interest is also very high, with an over 12% increase in OI in just two days. Bear in mind that Open Interest was already very high.
• The above suggests a flush-out is very likely. The greater focus here is when it may come.

Technical analysis

• Price ran into a local resistance at $63,400, but it has now moved beyond that level.
• There is little resistance to the upside other than the all-time high in the $69Ks.
• BTC does like deviation moves, where price looks to be breaking out before reverting.
• On the RSI, we're phenomenally overbought, which can be fine in bull markets, but when paired against extremely overheated mechanics (Funding Rates and Open Interest), this becomes a dangerous mix.
• To the downside, $62,000 should be local support now, but below this, the $56,100 to $57,400 will likely act as a strong support zone for price.
• Now, price has put in a new high, the Yellow boxes (Local and Macro moves) have shifted very slightly higher.

Cryptonary's take 

Price action has been extremely strong recently, backed by really positive ETF inflows. 

However, the mechanics are very overheated here, with the amount of leverage up considerably, along with Longs being a really overcrowded trade as we speak. This usually leads to a flush-out, and while price has just slowly ground higher over the past week, we do expect a flush-out (price moving down) to come at some point. 

Therefore, we're not looking to sell Spot positions as we still believe we're early in this cycle/bull market. However, we're not looking to add new/fresh exposure to BTC here. 

The play here would be to have and continue stacking USDT on the sidelines and look to deploy that into Bitcoin if it flushes lower. The upper Yellow box at the $57k level would be great to begin DCA'ing into BTC again, assuming we move lower and price fills this zone.

---

ETH

• ETH's Funding Rate is high, 4x what a healthy (less leveraged) market would be. 0.01% is a healthy level. ETH’s Funding Rate is currently 0.045%, but it isn't as extreme as Bitcoin's.
• The Open Interest is also substantially up but slightly less extreme than BTC.
• The above suggests that the market is over-levered here, and the likely result is that you see a flush out.

Technical analysis

• ETH's price has found a local resistance at $3,525, with the most major horizontal resistance currently above price at $3,965.
• To the downside, $3,140 may act as local support, but $3,000 is likely to be a more major support.
• As price puts in new local highs, the Yellow buying box does shift higher. If price were to pull back this would ultimately be a fantastic price (between $2,700 and $2,780) to add to your ETH bags again.
• One concern is how overbought ETH is here on all the larger timeframes.

Cryptonary's take 

The strategy for ETH remains similar to BTC; the market mechanics are looking very overheated, so it's possible we may a flush out for prices. But, we're early in the cycle, so we're not looking to sell Spot bags, and if a flush out for price does come, we would look to be buyers. The ideal area to buy would be the $2,700 to $2,800 zone, assuming price corrects as far down as this. If it did, we'd be aggressive buyers.

---

SOL

• SOL's Funding Rate and Open Interest are also both extremely high.
• The Funding Rate is at 0.085%, which is huge, 8.5x what a healthy leverage market should be. Longs are the heavily overcrowded trade here.
• Again, the above layout usually results in a flush-out.

Technical analysis

• SOL is back in its main uptrend, which it has somewhat battled with for several months now.
• The horizontal resistance of $131 is currently proving to be a real sticking point for SOL. A convincing break above and closure of a major candle above $131 can send price to $151.
• To the downside, $117 should be a good support locally, with $100 to $104 being a major support zone for price.
• SOL is not too overbought here on the major timeframes. The consolidation for the past month or two at these higher price levels has allowed some of its trading indicators to reset slightly. This is positive for prices to go higher potentially.

Cryptonary's take 

SOL has underperformed against BTC and ETH over the past few weeks, but this may mean that SOL is the next coin to get considerable lift-off and lead the next leg. 

Ultimately, a clean candle closure above $131 could send SOL to $151 pretty quickly, with then it being a relatively clear path higher to test the all-time high at $250. 

Again, due to the mechanics’ setup, we're not looking to add more/fresh exposure as we're already well exposed. But, if there were a flush lower for prices, we would look to aggressively add to our SOL bags, particularly if price reaches the lower Yellow box between $101 and $105. 

We're just want to add into SOL during a price decline, rather than add at what may be local tops here, especially considering we already have heavy exposure. It’s best to add on dips.

---

RUNE

• Price has remained in a clean uptrend while also being supported by the local horizontal support of $5.36.
• The main resistance to the upside is the horizontal level of $6.53. A break of this level would potentially push RUNE to a new cycle high.

If price does break below the uptrend line and the horizontal level of $5.36, then price should be supported by the major horizontal level of $4.78

Cryptonary's take

RUNE has been somewhat stagnant here, but it is holding a relatively good level. 

Ultimately, for RUNE to get giga-bullish, we need a break above $6.53. If you want to add to your RUNE bags or begin buying RUNE, we would look for DCA buys between $4.78 and $5.36.

---

SHDW

• Price action has been very boring/poor in relation to some other plays.
• But, SHDW has begun to bounce from an accumulation zone between $0.92 and $1.05.
• The RSI is very low, which shouldn't prevent price from moving substantially higher.

Cryptonary's take 

We appreciate that SHDW has seen a lack of performance recently. For now, we would like to see a bounce from the supply/accumulation zone. The target will be $1.40.

---

POPCAT

• Following a phenomenal move up over the past few days, the aim for POPCAT will be to hold at a higher price level and establish itself at that price level for some time.
• If price can hold between $0.08 and $0.12 for the next week, with dip buyers aggressively coming in on any major pullbacks, this would be seen as hugely positive for price.
• In the coming days, we will also need to monitor volumes closely. It's important that volumes don't drastically decline each day. Ideally, we'd like them to stay relatively high even if price consolidates for some time.
• We would expect a major support area between $0.06 and $0.08.

Cryptonary's take 

POPCAT has had a brilliant move so far, with it now being really important for POPCAT to consolidate at these higher price points. 

Ultimately, this is still a $95m MCap at current price levels, so there is potential for POPCAT to do many more multiples from here, also. When you look at other lesser meme plays, such as $SILLY and $MYRO, both got to the $200m to $250m MCap range, so why can't POPCAT? 

But POPCAT may even be more than $MYRO and $SILLY. There aren't many good cat meme coins other than $POPCAT and $WEN. $WEN was an airdrop, so it is similar to BONK. Is POPCAT the cat version of $WIF?

 If so, this could achieve many more multiples.